Introduction: experimental determination of a theoretical production function, 543. — Imperfect markets and disequilibrium situations, 546. — Delayed adjustments, 548. — Other reasons why actual observations will not show adjustments envisaged by static equilibrium theory, 548. — Functions based upon short-run adjustments, 549. — Transitions, 550. — Time-series and cross-section studies, 551. — Homogeneity, 552. — The data as measurements: industries vs. firms, 553; factors of production, 553; capital, 554; depreciation, 556; sampling, 560. — Conclusion, 562.

Experience after the first World War, 113. — I. Two helpful new concepts: general equilibrium, 115; price disparity, 116. — II. The Belgian devaluation of 1935: the problem posed, 117; the index of price disparity, 118; internal disequilibrium, 122; choice of the new rate, 123. — III. The price-disparity approach, 124. — Significance of cost-of-living index, 125. — Alternative measures of price disparity, 127. — A more sensitive index needed, 127. — Problems of comparability, 128. — Key-country indices, 129. — IV. Comparison with purchasing power parity, 131. — Definition of the equilibrium rate, 132. — Relation to state controls, 134. — Conclusion, 135.

Monopoly often only an attempt to solve a problem, 524. — The "classical" argument against monopoly, 525. — Its limitations, 525. — The rôle of deflation in the development of monopoly, 527. — Price flexibility and spiral effects, 530. — Wages and employment, 533. — The fear of deflation, 534. — Saving, 536. — Competition vs. deflation, 537. — Non-price competition, 538. — Advertising, 540. — Control of deflation, 540. — Other grounds for monopolistic trends, 541.

S OCIAL SECURITY and employment' are looked upon, in all Allied Nations and also in most neutral countries, as the keys to economic well-being in the postwar era. Improved labor standards, economic advancement and social are the economic objectives of the Atlantic Charter. All these terms are somewhat vague in meaning, but they express the hopes of hundreds of millions of people and are central in all postwar planning. Even while the war was in progress, considerable improvement was made in the social security legislation of many countries.2 This is not true of the United States, in which there was no social security legislation whatsoever on the national level during the five years between the enactment of the Social Security Act Amendments of I939 and the passage of the Servicemen's Readjustment Act (the G. I. Bill of Rights) in I944, except for the adoption of annual riders to appropriations acts which provided for freezing of the old-age insurance tax rates. Some advances were made in the states, particularly in the liberalization of unemployment compensation benefits. But the only law in this country which broke new ground was the Rhode Island Act of 194I for cash disabilitv benefits. In many other countries, in contrast, the war period brought forth much new social security legislation. The advances in this respect have been greatest in the Latin American countries. Very significant new social-security legislation also has been enacted in England, Canada, and Australia, while in New Zealand the comprehensive national health insurance and medical-care program adopted shortly before the outbreak of hostilities has been put into full operation. More important even than the new legislation are the comprehensive programs for social security which were developed during the war. Prior to I 944, such postwar programs were formulated and publicized in England, the United States, Canada, Australia, and South Africa all of them under governmental auspices.3 The most famous of these was the Beveridge Plan in England, which made its appearance late in I942.4 Beyond question, this has been the most widely-discussed social security program ever advanced anywhere in the world. In this country it has brought forth far more articles than were written about the Social Security Act during the entire year that this major American social security measure was in preparation and under consideration in Congress. Almost immediately after its publication, the

prewar trends had continued. The war only made them go to work a few years earlier. I remain convinced therefore that, although my estimates of the labor force and the amount of civilian employment are lower than the others quoted by Mr. Hagen, they are more nearly correct. As for gross national product, the sooner statisticians and economists discontinue treating that misleading monetary concept as if it were equivalent to the real national product or the output of workers or the national welfare, the better for all concerned.

Abstract Reviews the book "New Firms and Free Enterprise: Pre-War and Post-War Aspects," by Alfred R. Oxenfeldt.

Abstract Internship programs are so well established in some of the professions that it is probably unnecessary to devote any effort to the definition of terms. Very broadly, the author looks upon internship training in accounting as an arrangement, which enables the accounting student to achieve some degree of blending of experience with classroom training. This is in contrast with the more usual situation in which the classroom environment precedes an exposure to accounting practice. Accounting internships, in the sense used here, are not a recent development. For some time now, a number of schools have had established programs which permit, and even encourage, accounting majors to spend some time with an accounting firm before obtaining their college degrees. In some instances industrial firms are included in this type of arrangement. In fact, there are many variations of internship programs. In setting forth some of the prospective benefits obtainable from internship training in accounting, most of the discussion in the article refers to public accounting firms.